Gland Pharma's Rs 6,480-crore IPO subscribed 21% a day ahead of close

Offering received bids for 6.4 mn shares as against 30 mn on offer

Gland Pharma’s initial public offering (IPO) was subscribed 21 per cent on Tuesday, a day before its close. 

The offering has received bids for 6.4 million shares as against 30 million on offer. China’s Fosun Pharma-promoted firm is looking to raise Rs 1,250 crore through the IPO by issuing new shares. 

The IPO also comprises of secondary share sale worth Rs 5,230 crore. The total IPO size is about Rs 6,480-crore, making it one of the biggest pharma IPO in the domestic market. 

The company has already allotted shares worth Rs 1,944 crore worth to anchor investors. The price band has been set at Rs 1,490-1,500 per share. At the top-end, Gland will have a market cap of around Rs 24,500 crore.